10 things you need to know today: February 25, 2020

The Dow plummets 1,000 points on coronavirus fears, a jury finds Harvey Weinstein guilty of sexual assault, and more 

Harvey Weinstein in NYC
(Image credit: TIMOTHY A. CLARY/AFP via Getty Images)

1. Stocks plunge as coronavirus cases surge outside China

U.S. stocks plummeted on Monday as coronavirus cases surged outside of China, fueling concerns of a pandemic that could cause enduring damage to the global economy. The Dow Jones Industrial Average closed down by 1,032 points, or 3.6 percent, the index's sharpest drop in two years. The S&P 500 fell by 3.4 percent, and the Nasdaq lost 3.7 percent. Supply chains around the world have been disrupted due to factory closures and transportation bans in China. "The second-largest economy in the world is completely shut down. People aren't totally pricing that in," said Larry Benedict, CEO of The Opportunistic Trader. "It seems like there's much more to come." Airlines were hit particularly hard, as was Apple, which has iPhone suppliers in China. U.S. stock futures inched up early Tuesday.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.